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World's largest automaker reported an almost 50% drop in quarterly earnings on Friday.
Toyota forecasts a $4.3 billion cost impact from the Iran war for this fiscal year.
KEY POINTS
- Most of the $4.3 billion blow is due to increased material costs, partly from fuel and paint.
- Toyota's profit warning exceeds loss estimates disclosed by other major global companies, including airlines.
- Toyota's operating profit for the latest quarter dropped nearly 50%, its lowest in over three years.
- Toyota is uniquely absorbing cost increases faced by its group suppliers, unlike many competitors.
COMPANIES
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